"22 February 2020" Archive

CBIC enables filing of GSTR-9 and GSTR-9C for financial year 2018-19

The Central Board of Indirect Taxes and Customs (CBIC) enabled the option to file GSTR-9 and GSTR-9C for the financial year 2018-19. GSTR-9 is an annual return to be filed yearly by taxpayers registered under GST. It consists of details regarding the outward and inward supplies made/received during the relevant previous year under differe...

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Dormant Company – Section 455 – Companies Act 2013

Article explains How to Voluntarily Obtain Status of Dormant Company-Steps, Company Which can be declared Dormant By Registrar, Steps to apply for ACTIVE COMPANY Status by Dormant Company, Documents required for obtaining status of Dormant Company, Compliances to be done by a Company after Obtaining Status of Dormant Company and Companies...

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What will be the GST TAX rate on supply of Lottery Tickets?

Explanation of Notification No. 01/2020 Dt. 21.02.2020 of Central Tax (Rate). Such Notification is Deal with GST Rate on Supply of Lottery. Lottery Tickets:- ‘Lottery Tickets ‘ is an actionable ticket and is graded under GST as ‘ Goods. ‘ According to Schedule III, however, Actionable Payment does not include any d...

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TDS implication on purchase of property from NRI

It is essential to note that in case of purchase of property, the buyer is responsible for deducting the applicable tax at source (i.e. TDS) and deposit the same with the Government. Since the buyer is required to deduct the TDS, he would obviously be required to fulfil all the relevant compliance like TDS payment; […]...

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Section 272AA Penalty for failure in complying with provisions of section 133B

The penalty provisions of section 272AA of the Income Tax Act gets applicable only in case the person fails to comply with the provisions of section 133B of the Income Tax Act. The present article tries to explain provisions of section 272AA along with the connecting provisions of section 133B. Understanding penalty provisions of section ...

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Reopening of assessment after expiry of limitation period & based on change of opinion is invalid

Krutika Developers P. Ltd. Vs ITO (ITAT Ahmedabad)

The interdiction in the proviso appended to section 147 puts an embargo in the exercise of power at the end of the AO in cases where scrutiny assessment has taken place and four years have expired from the end of relevant assessment year. In such cases, the assessment cannot be reopened unless it its demonstrated that income has escaped a...

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ITAT imposes penalty on appellant for not appearing before AO & CIT(A)

Tariqrashid M. Munshi Vs ITO (ITAT Ahmedabad)

Tariqrashid M. Munshi Vs I.T.O (ITAT Ahmedabad) ITAT held that assessee deserve to be penalized for non-appearance before theCIT (A) and Assessing Officer and  imposes penalty of Rs. 5000/- upon the assessee and instructed him to deposit the same in the Income Tax Office before the commencement of his proceedings before the AO. FULL TEXT...

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Donation for Scientific Research cannot be treated as Bogus when doneee confirms use for such Purpose

PCIT Vs M/s Thakkar Covidbhai Ganpatlal HUF (Gujarat High Court)

The Expenses incurred on a Donation made through Banking Channel used for Scientific Research will be allowed to the assessee as Herbicure Foundation has confirmed that the amount has been utilized for scientific research and there is no evidence that the same is returned back in cash....

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HC Allows Filling of Tran-1 despite absence of any evidence of technical glitches

Samrajyaa and Company Vs DCCE (Madras High Court)

In the present case petitioner has approached the Court for allowing him to file a Tran-1 in the absence of any evidence of technical/system error but IT Grievances Redressal Committee are not allowing him to do so since the time limit for uploading of Tran-1 has been extended till 31.12.2019 but this benefit extends only to those registe...

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Excise Dept. cannot initiate proceedings for exemption notification violation

Rajhans Impex Pvt Ltd Vs Union of India (Gujarat High Court)

Since Central Excise Department had not sanctioned any refund / rebate of the duty paid on the supplies to the EOUs by assessee-company  and the refund of TED was sanctioned by the DGFT thus, if DGFT had acted under the different provisions and the refund was sanctioned under those provisions, the proper authority was DGFT who could init...

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